Gold prices were trading in red in morning trade on Tuesday on account of weak trend overseas and subdued demand from local jewellers.
MCX Gold was down 0.31 %, or Rs 94, at Rs 29,839 per 10 gram around 10.35 am (IST), whereas MCX Silver was down 0.33 %, or Rs 134, at Rs 41,030 per 1 kg.
Latest holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3 % to 834.50 tonnes till September 8.
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,173.58 tonnes, remain unchanged from previous business day.
Benchmark equity indices were trading firm following global cues. The BSE Sensex was up 166 points, or 0.52 per cent, at 32,048 around 10.50 am (IST), while NSE Nifty index was up 45 points, or 0.45 per cent, at 10,050.
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Gold climbs on global cues; silver tops Rs 46,000 mark. Silver also reclaimed the crucial Rs 46,000 mark by recovering Rs 500 to Rs 46,200 per kg on increased off take by industrial units and coin makers. Read more Live Commodity Gold/Silver Market News at: www.marketmagnify.com/freetrial.php or Get Free Trials Just Give One Missed Call @78-79-88-11-22.
Gold prices surged by Rs 120 to Rs 30,770 per 10 grams at the bullion market today, tracking a firm trend overseas amid fresh buying by jewellers at domestic spot market. Silver also reclaimed the crucial Rs 46,000 mark by recovering Rs 500 to Rs 46,200 per kg on increased off take by industrial units and coin makers. Traders said a firm trend overseas where it rebounded from a three-week low after the European Central Bank said it will consider adding stimulus as needed, boosting demand for the precious metal, mainly led to rise in gold prices.
Gold down Rs 51 in futures trade on weak global cues :-
Gold prices drifted lower by Rs 51 to Rs 31,347 per 10 gram in futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas. In futures trade, gold for delivery in October was trading Rs 51 or 0.16 percent down at Rs 31,347 per 10 gram on the Multi Commodity Exchange with a business turnover of 25 lots. The metal for delivery in August too fell by Rs 40 or 0.13 percent to Rs 30,965 per 10 gram in 656 lots.